COMPETITION TRIBUNAL OF SOUTH AFRICA
Case No: 99/LM/Nov06
In the matter between:
Sygnia Investments Holdings (Pty) Ltd Firm
And
African Harvest Life Assurance Company Ltd
African Harvest Alternative Investments (Pty) Ltd Target Firms
Panel : N Manoim (Presiding), Y Carrim (Tribunal Member) and
M Mokuena (Tribunal Member)
Heard on : 08 December 2006
Decided on : 08 December 2006
Reasons issued on : 08 January 2007
Reasons for Decision
APPROVAL
1] On 8 December 2006, the Tribunal approved the merger between Sygnia
Investments Holdings (Pty) Ltd, African Harvest Life Assurance Company Ltd and
African Harvest Alternative Investments (Pty) Ltd. The reasons for approval follow.
THE TRANSACTION
2] Sygnia Investments Holdings (Pty) Ltd (“Sygnia Investments”) will acquire the
entire issued share capital of African Harvest Life Assurance Company Ltd (“AH
Life”) as well as 75% of the issued share capital of African Harvest Alternative
Investments (Pty) Ltd (“AH Alternative Investments”).
3] According to the parties, the majority shareholder of the target firms wishes to
exit the financial services industry and the transaction therefore provides the minority
shareholders of the target firms with an opportunity to acquire a controlling interest.
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4] The pre merger structure of the merging parties is depicted below:
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